Myriad Cancer Gene Test Survives, But Stock Sinks 13%

By Dimitra DeFotis

For gene-based cancer test maker Myriad Genetics, the high-court ruling that human DNA cannot be patented is killing the stock.

Myriad Genetics (MYGN) stock at $27.59 lost more than 13% of its value just Friday, following Thursday’s U. S. Supreme Court ruling that human genes cannot be patented.

Myriad owns two patents related to genes that can be used as indicators of heightened breast and ovarian cancer risk. As we noted in our post on the patent ruling yesterday, synthetic DNA can be patented. The court upheld Myriad’s cDNA patents related to genes BRCA1 and BRCA2, and that gives Myriad a partial victory. But competitors including Quest Diagnostics (DGX) and Bio-Reference Laboratories (BRLI) may be able to offer BRCA testing in the U.S., Myriad’s exclusive territory.

Shares of Quest are down 0.45% and Bio-Reference Labs shares were down 1% in late-afternoon trading.

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